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Canadian Natural Resources (Canadian Natural Resources) Piotroski F-Score : 6 (As of Apr. 25, 2024)


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What is Canadian Natural Resources Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Canadian Natural Resources has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Canadian Natural Resources's Piotroski F-Score or its related term are showing as below:

CNQ' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 9
Current: 6

During the past 13 years, the highest Piotroski F-Score of Canadian Natural Resources was 9. The lowest was 3. And the median was 6.


Canadian Natural Resources Piotroski F-Score Historical Data

The historical data trend for Canadian Natural Resources's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Canadian Natural Resources Piotroski F-Score Chart

Canadian Natural Resources Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 9.00 4.00 7.00 9.00 6.00

Canadian Natural Resources Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 9.00 7.00 5.00 6.00 6.00

Competitive Comparison of Canadian Natural Resources's Piotroski F-Score

For the Oil & Gas E&P subindustry, Canadian Natural Resources's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Canadian Natural Resources's Piotroski F-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Canadian Natural Resources's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Canadian Natural Resources's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 1314.77 + 1101.159 + 1732.318 + 1958.11 = $6,106 Mil.
Cash Flow from Operations was 946.43 + 2066.085 + 2585.175 + 3588.998 = $9,187 Mil.
Revenue was 6978.002 + 6658.136 + 8692.632 + 7959.899 = $30,289 Mil.
Gross Profit was 1983.483 + 1469.216 + 2970.956 + 2300.984 = $8,725 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(56048.583 + 55002.558 + 56570.074 + 56398.64 + 56615.236) / 5 = $56127.0182 Mil.
Total Assets at the begining of this year (Dec22) was $56,049 Mil.
Long-Term Debt & Capital Lease Obligation was $7,319 Mil.
Total Current Assets was $5,342 Mil.
Total Current Liabilities was $5,542 Mil.
Net Income was 2449.447 + 2735.083 + 2109.603 + 1118.881 = $8,413 Mil.

Revenue was 9582.938 + 10787.254 + 9426.494 + 8105.999 = $37,903 Mil.
Gross Profit was 3771.722 + 4016.714 + 3517.505 + 1214.575 = $12,521 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(59894.531 + 61620.853 + 61048.11 + 58084.564 + 56048.583) / 5 = $59339.3282 Mil.
Total Assets at the begining of last year (Dec21) was $59,895 Mil.
Long-Term Debt & Capital Lease Obligation was $8,127 Mil.
Total Current Assets was $5,195 Mil.
Total Current Liabilities was $6,368 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Canadian Natural Resources's current Net Income (TTM) was 6,106. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Canadian Natural Resources's current Cash Flow from Operations (TTM) was 9,187. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=6106.357/56048.583
=0.10894757

ROA (Last Year)=Net Income/Total Assets (Dec21)
=8413.014/59894.531
=0.14046381

Canadian Natural Resources's return on assets of this year was 0.10894757. Canadian Natural Resources's return on assets of last year was 0.14046381. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Canadian Natural Resources's current Net Income (TTM) was 6,106. Canadian Natural Resources's current Cash Flow from Operations (TTM) was 9,187. ==> 9,187 > 6,106 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=7318.873/56127.0182
=0.13039839

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=8127.346/59339.3282
=0.1369639

Canadian Natural Resources's gearing of this year was 0.13039839. Canadian Natural Resources's gearing of last year was 0.1369639. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=5342.129/5541.89
=0.96395435

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=5194.7/6368.053
=0.81574384

Canadian Natural Resources's current ratio of this year was 0.96395435. Canadian Natural Resources's current ratio of last year was 0.81574384. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Canadian Natural Resources's number of shares in issue this year was 1090.007. Canadian Natural Resources's number of shares in issue last year was 1119.023. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=8724.639/30288.669
=0.2880496

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=12520.516/37902.685
=0.33033322

Canadian Natural Resources's gross margin of this year was 0.2880496. Canadian Natural Resources's gross margin of last year was 0.33033322. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=30288.669/56048.583
=0.54040026

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=37902.685/59894.531
=0.6328238

Canadian Natural Resources's asset turnover of this year was 0.54040026. Canadian Natural Resources's asset turnover of last year was 0.6328238. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+1+1+0+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Canadian Natural Resources has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Canadian Natural Resources  (NYSE:CNQ) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Canadian Natural Resources Piotroski F-Score Related Terms

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Canadian Natural Resources (Canadian Natural Resources) Business Description

Traded in Other Exchanges
Address
855 - 2nd Street South West, Suite 2100, Calgary, AB, CAN, T2P 4J8
Canadian Natural Resources Ltd is an independent crude oil and natural gas exploration, development, and production company. The Company's exploration and production operations are focused in North America, largely in Western Canada; the United Kingdom (UK) portion of the North Sea, and Cote d'Ivoire and South Africa in Offshore Africa. The Company's exploration and production activities are conducted in three geographic segments: North America, the North Sea, and Offshore Africa. These activities include the exploration, development, production, and marketing of crude oil, natural gas liquids, and natural gas. The company has two divisions; Oil Sands Mining and Upgrading Midstream and Refining. It derives a majority of its revenue from North America.

Canadian Natural Resources (Canadian Natural Resources) Headlines